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Rockpoint and Morgan Group score loan for Boynton Beach luxury rentals

Project calls for 378 apartments, 55 townhomes

The site at 550 Minori Lane and Bill Walton of Rockpoint
The site at 550 Minori Lane and Bill Walton of Rockpoint

A joint venture between Morgan Group and Rockpoint Group closed on a construction loan for a luxury rental development in Boynton Beach.

Wells Fargo is providing the $66 million loan to Cortina III Owner LLC, property records show. The developers acquired the site at 550 Minori Lane in July for nearly $20 million from BlackRock.

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Morgan Group, a Houston, Texas-based residential developer, and Rockpoint, a Boston-based private equity firm, plan to build 378 luxury apartments and 55 townhomes within seven, four-story buildings and 11, two-story townhome buildings with garages on the 18.5-acre property.

The site is part of the Boynton Village and Town Center’s master plan, which includes two other multifamily projects – The District Boynton and Alta at Cortina – along with an existing retail center anchored by Target, Total Wine & More, and Best Buy.

Last year, Rockpoint and the Related Group announced they were partnering on a new division within Related focused on acquiring value-add multifamily properties in Florida and throughout the Sun Belt.

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